Top to bottom charts: monthly, weekly and daily 3 linear regression studies (30,11,3).The monthly chart shows in dramatic fashion that the Qs have managed to stage a rally back to the 30LR mean, which is both good and bad.
The good part is that the Qs did not break through the 42 support line. On the weekly chart the Qs have completely reversed the previous week's plunge. Unfortunately, they didn't make any progress above that 45.50 resistance line either.
The daily chart looks encouraging at first glance with the LR3 study in a 45 degree ascent, but the LR30 mean is at 46, which may prove to be a substantial resistance level.
Currently the daily and weekly studies are in downtrends and it won't take a lot to get the montly following suit. I remain suspicious of the recent strength in the markets, as there are few fundamental economic developments to support a bullish stance. I continue to focus on fading the gap ups while I ponder a better strategery.
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